Why Smart People Make Big Money Mistakes - And How to Correct Them Lessons from the New Science of Behavioral Economics

ISBN-10: 0684859386

ISBN-13: 9780684859385

Edition: 2000

List price: $14.00
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Description:

Why do so many otherwise smart people make foolish financial choices? Why do investors sell stocks just before they skyrocket -- and cling to others as they plummer? Why do shoppers overspend when using credit cards rather than cash? What do our habits of tipping or buying lottery tickets indicate about our relationship with money? In this fascinating investigation of the ways we spend, invest, save, borrow, and waste money, Gary Belsky and Thomas Gilovich reveal the psychological causes -- the patterns of thinking and decision making -- of irrational behavior. Most important, they focus on the decisions we make every day and, using entertaining examples, provide invaluable tips on avoiding the financial faux pas that can cost thousands of dollars each year.
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Book details

List price: $14.00
Copyright year: 2000
Publisher: Simon & Schuster
Publication date: 4/6/2000
Binding: Paperback
Pages: 224
Size: 5.50" wide x 8.50" long x 0.75" tall
Weight: 0.704
Language: English

Gary Belskyis editor in chief ofESPN The Magazine, where he has worked since 1998. The author of several books, he lectures frequently on the psychology of decision-making to business and consumer groups around the world. From 1994 through 1998, Belsky was a regular commentator on CNN'sYour Moneyand a frequent contributor toGood Morning America,CBS This Morning,CrossfireandOprah; he continues to appear on local and national radio and TV, commenting on sports, economics, business and personal finance. A St. Louis native, Belsky graduated from the University of Missouri in that city in 1983 with a BA in speech communication and political science. Before joiningESPNhe was a writer atMoneymagazine and a reporter forCrain's New York Business and theSt. Louis Business Journal. In 1990, Belsky won the Gerald Loeb Award for Distinguished Business and Financial Journalism, administered by The Anderson School at UCLA. Belsky, who lives in Manhattan, serves on the board of directors of Urban Pathways, one of New York City's largest providers of services to the homeless and mentally ill; as well as the New York Neo-Futurists, an East Village theater company.

Thomas Gilovichis a professor of psychology at Cornell University and author of How We Know What Isn't So. He lives in Ithaca, New York.

Why Smart People Make Big Money Mistakes
An introduction to the new science of behavioral economics.
Not All Dollars Are Created Equal
How "mental accounting" can help you save or cost you money.
When Six Of One Isn't Half A Dozen Of The Other
How "loss aversion" and the "sunk cost fallacy" lead you to throw good money after bad.
The Devil That You Know
How the "status quo bias" and the "endowment effect" make financial choices difficult.
Number Numbness
"Money illusion," "bigness bias," and other ways that ignorance about math and probabilities can hurt you.
Anchors Aweigh
Why "anchoring" and "confirmation bias" lead you to make important money decisions based on unimportant information.
The Ego Trap
"Overconfidence" and the price of thinking that you know more than you do.
I Herd It Through The Grapevine
"Information cascades" and the danger of relying too much on the financial moves of others.
Conclusion: Now What?
Principles to ponder and steps to take.
Postscript: Psychic Income
Acknowledgments
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